How Moneylines Work in Sports Betting

What Does Moneyline Mean in Betting?

A moneyline wager, also called a “win” or “straight up” wager, is a bet on which side will win a given game, race, contest, or match. If your chosen side is victorious, regardless of how they got there, you will win your bet. 

These are often one of the first wagers bettors master when learning how to bet on sports.

Moneylines are more straightforward than other standard betting options. When you bet point spreads, for instance, you need a team to win or lose by a specified amount for your bet to cash. Similarly, understanding total bets (wagers on the total points scored) is slightly more complicated than just a team winning or losing. 

American odds present moneyline odds using a -/+ format, but sportsbooks in other parts of the world use decimals or fractions to convey odds. 

In moneyline bets, there is usually a favorite and an underdog. The favorite, listed with negative odds, is the side expected to win. Underdogs, which have plus money odds, are expected to lose.  

What Are Betting Favorites vs Underdogs?

Favorites tend to have the edge, but underdogs should not be overlooked. From a betting standpoint, underdogs offer bigger payouts in exchange for taking on a larger risk. 

Risk-Reward Profiles with Example Payouts

Favorites tend to be low-risk options, but you get smaller payouts. For instance, if you bet $100 on five -150 payouts, the most you can win is $66.67 per bet, for a max profit of $333.35 if you win every bet. 

Betting on underdogs is tougher, but the high variance is rewarded with larger payouts. Five $100 bets on +150 underdogs, for example, gives you a max win of $750. Even if you do not win every wager, you only need to hit three of your bets to win $450, which is more than you would profit from winning your five bets on favorites in the example above.

How to Place a Moneyline Bet

Follow these simple steps to learn how to make a moneyline bet.

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1

Choose a sportsbook

Picking the right sportsbook can have a major impact on your moneyline betting experience. Choose the sportsbooks that offer the best value for your wagers. Create an account if you do not already have one, and make sure you have enough money in your account for your bets.

2

Find the moneyline odds

Navigate to the sport you want to bet on and find the moneylines section. Note, moneylines are often listed with other wagers, such as totals bets, so ensure you are looking at the right odds when making your bets.

3

Pick the right odds

Read the available moneyline betting markets and choose the ones you want to bet on. Align your picks with your sports betting strategy.

4

Enter your stakes

Place your stakes for each moneyline wager in your betting slip. Your stakes should match the bankroll you have deposited into your account.

5

Confirm your bets

Review your betting ticket for any mistakes. When you are ready to place your bets, click confirm to make your wagers official.

What Happens If You Bet on the Moneyline and It’s a Tie?

So, what happens if you bet moneyline and it’s a tie? The short answer is it depends on the bookmaker and the sport you are betting on.  

Pushes, Refunds, and Sportsbook Rules

For most sports, a tie is a bad outcome for bettors. At best, this results in a “push,” and your stake will be returned. 

However, depending on the rules of the sportsbook, a tie could result in you losing your bet. If pushes are treated as losses, then you will not be refunded your stake for a tie. 

3-Way vs 2-Way Moneyline Bets

Ties are graded somewhat differently in soccer thanks to the 3-way moneyline bet. In soccer, you must bet explicitly on a tie to win. Otherwise, a tie results in a loss if you wagered on one of the other two options in the 3-way moneyline bet.

Moneyline Bets Explained: Real-World Examples

How do you bet the moneyline? Moneyline betting is simple, but it can take different forms depending on the sport you are wagering on. Here are some examples of how moneyline bets look in popular sports. 

NFL Moneyline Example

Here is an example of NFL moneylines, using the Super Bowl 59 matchup between the Chiefs and the Eagles. 

The Chiefs were favored at -130, so bettors who took KC’s moneyline at $100 would have received their initial wager back plus $76.92. Philadelphia bettors, on the other hand, earned a profit of $110 for a total payout of $210 on a $100 bet after the Eagles pulled off the upset. 

NBA Moneyline Example

NBA moneylines are similar to other sports in one major way: you are betting the team you believe will win. However, basketball ML betting markets can be much more volatile than other sports. 

• LA Clippers (+172)
• Philadelphia 76ers (-212)

The high-scoring nature of the modern NBA, combined with factors like rest management, can cause massive moneyline swings. 

In the example, the Clippers are +172. However, if stars like Kawhi Leonard or James Harden were to miss the game due to injury or rest management, LA’s odds could quickly fade. 

MLB Moneyline Example

Arguably, the most important factor in setting MLB moneylines is the starting pitcher for each team. The best pitchers can sway the odds in their team’s favor. Bad pitchers, on the other hand, usually make their team’s underdogs. 

Here is an example of MLB moneyline odds, using Game 7 of the 2025 World Series.

• Los Angeles Dodgers (-148) – $100 bet wins $67.57 profit
• Toronto Blue Jays (+121) – $100 bet wins $121 profit

Starting pitchers are only announced so long in advance, making the timing of your MLB wagers important. Betting early could lock in better value if an ace is confirmed in the lineup. 

NHL Moneyline Example

Low-scoring games inherently favor underdogs, as they make it easier to secure an upset. Such is the case in the NHL, where low-scoring games offer a low-variance betting option on moneylines. 

Here is an example of NHL moneyline odds using a $100 stake:

A winning bet on the slight underdog Islanders nets you a profit of $136, and you get your initial stake back. On the other hand, a winning bet on the favored Stars only earns you a total payout of $160.61 at -165 odds. 

Soccer and 3-Way Moneyline Example 

Speaking of sports that usually involve few goals scored, soccer moneylines present unique betting options for fans. The 3-way moneyline introduces a new variable for bettors to consider. 

See below for an example of a soccer 3-way moneyline market.

• Newcastle United wins (+240)
• Manchester City wins (+101)
• Draw (+280)

The relatively high occurrence of draws in soccer makes betting on a draw a real possibility week-to-week. 

In the example above, a draw pays +280 odds, or a $280 profit for a $100 wager. A Man City win earns a profit of $101. An upset by Newcastle rewards you with a total payout of $340, including $240 in profit.  

Different Moneyline/Win Bet Formats

Reading moneyline odds is not challenging once you know how to do it. Keep reading to learn how to read moneyline betting markets.

How to Read Moneyline Odds (+ and –)

The favorites in moneyline markets are typically marked with a minus next to their odds. Underdogs typically have a + sign next to their odds. 

In some cases, neither team will have plus-money odds, and in rare cases, both will be listed with plus-money odds. In the first case, the team with the number further from zero is the favorite. If both teams have plus-money odds, then the team closest to zero is the favorite. 

A team’s moneyline odds tell you how much you could win by betting on them. “Plus” odds are the amount you can profit from a $100 bet. “Minus” odds, conversely, are the amount you must wager to win $100. 

American vs Decimal vs Fractional Odds

American sportsbooks typically use the +/- format to convey odds. Other options seen around the globe include fractions and decimals. 

Regardless of the odds format, they all convey the same information and offer the same payout for winning wagers. 

For decimal formats, teams listed at over 2.0 are underdogs, while teams listed at under 2.0 are the favorites. Similarly, if the first number in the fraction is bigger than the second, that option is the underdog. When the first number is smaller, that outcome is favored. 

2-Way vs 3-Way Moneylines

Soccer’s 3-way bets use a similar process as traditional, 2-way moneyline bets. The main difference is that the “tie” option adds a new potential outcome. However, the teams involved will still have a favorite and an underdog to pick from. 

Calculating Your Potential Payout

Sportsbooks typically calculate your potential winnings for you. However, you can also calculate your own winnings very easily in moneyline wagers. There are easy-to-use formulas, or you can use a moneyline bet calculator to hasten the process.

Manual Calculation Formulas (Positive and Negative Odds)

American odds make it simple to calculate your potential winnings quickly. 

For plus-money wagers, you get the amount listed for a $100 bet. So, if you wagered $100 on a bet at +150 odds, you would win $150 in profit, plus get your original $100 stake back. 

Betting on favorites is trickier. You must bet the amount listed on minus-money odds to get $100. So, for a -150 odds bet, you would need to bet $150 to profit $100. A $100 wager would only create a profit of $66.67. 

Understanding Implied Probability

The odds for a given bet suggest the percentage chance that the sportsbook believes an outcome will occur. This percentage is known as the implied win probability. 

Wagers with a higher implied win probability are more likely to occur, but they offer lower payouts. 

There are two formulas you can use to calculate the implied win probability of American odds.

• Plus money odds: (100/(Odds +100)) X 100
• Negative money odds: (Absolute value of odds/(Absolute value of odds +100)) X 100

Here is the implied win probability from the example above using these formulas.

• +150 odds: (100/(150+100)) X 100 = 40.0% 
• -150 odds: (150/(150 +100)) X 100 = 60.0%

You can also use an implied win probability calculator to speed up your calculations. 

Use a Moneyline Bet Calculator

Moneyline bet calculators can be a useful tool for bettors, especially when you are at brick-and-mortar sportsbooks. These tools instantly calculate how much you could win for a given moneyline wager at your desired stakes. 

This is especially helpful when betting on favorites or when betting with stakes that are not easy to multiply. Calculators can also help you convert odds from one format to another.  

Is Moneyline Betting a Good Choice?

Moneylines are easy bets to learn, and they are great options for bettors, especially if you are new to betting. 

Pros and Cons of Moneyline Bets

When to Bet the Moneyline vs. Other Bet Types

Moneyline wagers are ideal markets for new bettors who are unfamiliar with other betting types. They are also excellent options in close games where spread bets offer little value. Moneyline bets are the best option for betting on underdogs to pull off the outright upset. 

Other bets, such as point spread and totals markets, also have great potential. For instance, in mismatches like those in college football, point spreads offer a better chance of generating value. 

Advanced bettors often look for correlations between moneylines and other bets. Moneylines and point spreads, as an example, are directly correlated. Looking for discrepancies between point spread favorites who are not as heavy of favorites on the moneyline is one way to use this correlation to create value.